Do ESG Score and Cash Holding Drive Firm Value? Insights from Institutional Ownership in Indonesia
ESGスコアと現金保有は企業価値を高めるか？インドネシアにおける機関所有の洞察 (AI 翻訳)
Reza Virly Alfriansyach, R. J. Arsjah
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業91社を対象に、ESGスコアと現金保有が企業価値（Tobin's Q）に与える影響を分析。ESGスコアは有意な影響を示さず、インドネシア市場では持続可能性への取り組みがまだ企業価値として評価されていないことが示唆される。一方、現金保有は強い正の効果を持つ。機関所有の調整効果は限定的だった。
English
This study analyzes the impact of ESG scores and cash holdings on firm value using 91 Indonesian energy firms. Results show ESG scores do not significantly affect firm value, while cash holdings have a strong positive effect. Institutional ownership does not moderate the ESG-value relationship and weakens the cash effect. This suggests that in emerging markets like Indonesia, financial fundamentals dominate sustainability practices for firm valuation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文はインドネシア市場ではESGが企業価値に反映されていないことを示すが、日本のGX文脈ではSSBJ等の開示基準強化によりESG評価が進んでいる点で対照的。日本企業への示唆として、ESGと財務戦略の統合が重要であることを間接的に示唆する。
In the global GX context
This paper provides evidence from an emerging market (Indonesia) that ESG scores do not yet drive firm value, contrasting with developed markets where ESG integration is more mature. For global GX context, it highlights that market valuation of sustainability practices varies by institutional and economic environment, relevant for international investors assessing ESG materiality.
👥 読者別の含意
🔬研究者:The finding that ESG does not affect firm value in Indonesia challenges universal applicability of ESG-premium theories and calls for context-specific research.
🏢実務担当者:For sustainability teams in emerging markets, this suggests that financial performance (cash holding) remains the primary value driver, and ESG integration may require stronger regulatory and investor pressure to gain materiality.
🏛政策担当者:Regulators in emerging markets should consider that voluntary ESG disclosure may not yet be value-relevant; mandatory frameworks and institutional investor engagement could be needed.
📄 Abstract（原文）
This study examines the effect of ESG score and cash holding on firm value, as well as the moderating role of institutional ownership, using a sample of 91 energy companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. ESG performance is measured through content analysis based on 93 GRI disclosure indicators. At the same time, firm value is proxied by Tobin's Q. Using unbalanced panel data and Random Effects Model estimation, the findings reveal that ESG scores do not significantly influence firm value, indicating that the Indonesian capital market has not yet fully valued sustainability initiatives as a driver of corporate value. In contrast, cash holding demonstrates a strong positive effect, suggesting that liquidity remains a critical financial signal in the energy sector, which is characterized by high volatility and substantial investment needs. The moderating analyses show that institutional ownership does not strengthen the ESG value relationship and even weakens the positive impact of cash holding on firm value, reflecting the passive monitoring role of institutional investors in emerging markets. Overall, the study provides empirical evidence that firm value in Indonesia is more sensitive to financial fundamentals than sustainability practices, while external governance mechanisms remain limited in effectiveness. These insights contribute to the corporate governance and sustainable finance literature and offer practical implications for companies, investors, and regulators regarding the strategic integration of ESG and financial policies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://goldenratio.id/index.php/grar/article/download/1966/1427first seen 2026-07-18 07:57:48
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